Coinbase has disabled sign-up for new users in India in 2023, following Coinbase CEO, Regulatory Disability Brian Armstrong. He said the platform faces “internal pressure” from the Indian central bank's vinance.
Crypto Exchange Coinbase is considering re-entry in India after suspending its operations there over a year ago.
Sources familiar with the issue say the exchange is being discussed with authorities including the Financial Information Unit (FIU) in India, Tech Crunch reports.
A company spokesperson said, “Coinbase is excited about the opportunity in the Indian market and intends to follow applicable regulatory requirements.”
Service has been discontinued
In June 2023, Coinbase disabled new user sign-ups in India after failing to advance with local governments after launching a replacement product.
In 2022, Coinbase stopped its United Payments Interface (UPI) system just three days after its product launch. Coinbase CEO Brian Armstrong later said he was under “unofficial pressure” from the country's central bank to withdraw UPI payments.
In a revenue call at the time, Armstrong said: “There was informal pressure from the Reserve Bank of India (RBI).
Cryptocurrency trading is not illegal in India, but lenders usually avoid doing business with crypto companies for fear of upsetting RBI.
The move from Coinbase also occurred when Crypto Exchange Binance resumed its operations in India last August after registering with the FIU.
